IC Markets is an ASIC-regulated broker delivering tight raw spreads (from 0.0 pips, averaging 0.1 pips on EUR/USD), sub-40ms execution, and four platform choices. The trade-off? A USD $200 minimum deposit, leverage capped at 1:30 (AU), and minimal education. If you already know how to trade, IC Markets belongs on your shortlist.
Pros
✓Raw spreads from 0.0 pips on major pairs.
✓Sub-40ms execution via Equinix NY4 infrastructure.
✓Four platforms including TradingView integration.
✓ASIC tier-1 regulation with segregated funds.
✓Over 2,300 instruments across seven asset classes.
Cons
✗USD $200 minimum deposit is above average.
✗Education and research offering is thin.
✗Customer support data is limited and inconsistent.
✗Cayman Islands licence not register-verified.
✗Australia-specific Trustpilot reviews are poor (3.5/5).
How we reviewed IC Markets: This review was researched and written by Steffen Droll for EngineForex. Every regulatory licence was checked against the relevant regulator's public register. Trustpilot ratings were read from live profile pages. Spreads, commissions, and account specifications were sourced from IC Markets' own website across its Australian, EU, and global entities. Where data conflicted between entities, both figures are disclosed. The EngineForex Trust Score is computed deterministically from verified register data, founding year, and live Trustpilot metrics. For the full methodology, see [How We Review Brokers](https://engineforex.com/how-we-review-brokers/). Read our full methodology →
Level 01 / 09▸ Overview
Overview
Captured July 2026, ic.com
IC Markets launched in 2007 out of Sydney. International Capital Markets Pty Ltd operates under ASIC regulation and has grown into one of the highest-volume retail forex brokers globally, processing over 29 billion USD in FX trades daily.
The broker's identity revolves around execution. Its order matching engine sits in the Equinix NY4 data centre, delivering average execution under 40ms. Around 60% of all trades come from automated systems, reflecting the institutional character of its client base.
IC Markets offers over 2,300 instruments spanning forex, indices, commodities, stocks, bonds, futures, and cryptocurrencies. Three core account types cover commission-free trading (Standard) to raw interbank pricing (Raw Spread variants on MetaTrader and cTrader).
For Australian clients, ASIC enforces retail leverage caps at 1:30 (AU). Client funds are held in segregated trust accounts at NAB and Westpac, both AA-rated Australian banks.
Best for: Active traders, scalpers, and algo traders who want institutional-grade pricing without institutional-grade account minimums.
Are the clone firm warnings about IC Markets itself?
No. The FCA issued a warning in August 2024 against fraudulent entities impersonating the legitimate broker. These are external scammers, not the broker.
Are the Reviews.io ratings trustworthy?
The 1.4/5 from 504 reviews on Reviews.io deserves scepticism. Many reviews read as promotional content from third-party fund recovery services rather than genuine client experiences.
Level 02 / 09★ Safety
Trust & Regulation
IC Markets holds five register-verified regulatory licences and claims a sixth that could not be confirmed on the regulator's public register.
ASIC (AFSL 335692) - International Capital Markets Pty Ltd. Status: active.
Tier-2:
CySEC (362/18) - IC Markets (EU) Ltd (HE 356877). UK passporting via the FCA was cancelled December 2023 per the FCA register. The CySEC entity discloses that 72.52% of retail investor accounts lose money trading CFDs.
Capital Markets Authority, Kenya (licence 199) - IC Markets (KE) Ltd. Status: active.
Offshore:
FSA Seychelles (SD018) - Raw Trading Ltd, trading as IC Markets Global. Status: active.
Securities Commission of The Bahamas (SIA-F214) - IC Markets Ltd. Status: active.
The broker claims regulation by the Cayman Islands Monetary Authority under IC Markets (KY) Ltd., licence 25028. A CIMA public register search returned no match. This does not necessarily mean the licence is invalid, but it cannot be independently confirmed.
How does entity assignment affect Australian clients?
Signing up through icmarkets.com.au places you under the ASIC entity: leverage capped at 1:30 (AU), segregated funds at NAB and Westpac, excluded jurisdictions including the US, Canada, Israel, New Zealand, Iran, North Korea, and Brazil.
Clients under the Seychelles entity may access leverage up to 1:5000 (International) on a dynamic basis, a fundamentally different risk environment with weaker regulatory safeguards.
What client fund protections are in place?
All entities maintain client fund segregation. The Australian entity uses NAB and Westpac as custodians. No investor compensation scheme equivalent to the UK's FSCS is disclosed for the ASIC entity; CySEC clients receive ICF coverage up to €20,000. Negative balance protection applies for Australian retail clients under ASIC's product intervention order.
ForexPeaceArmy rates 3.546/5 from 2,166 reviews and flagged suspicious fake positives in early 2015. The Reviews.io score of 1.4/5 from 504 reviews is dominated by what appear to be coordinated third-party recovery-service promotions rather than genuine client experiences.
Risk flags include an active Australian class action alleging misleading conduct in CFD supply, historical CySEC fines, and an FCA warning against clone firms impersonating IC Markets (external scammers, not the broker).
EngineForex Trust Score
ic markets: 99/100 (Grade A)
Component
Score
Note
Regulator tier coverage
40/40
1 tier-1 licence
Number of regulators
15/15
6 regulators
Years of operation
15/15
19 years (10+)
Trustpilot rating
19/20
4.8/5
Trustpilot review volume
10/10
55,264 reviews (1000+)
*Computed deterministically from verified register reads, founding year, and live Trustpilot data. See EngineForex's "How We Review Brokers" for the full methodology.*
Category
Score
Why
Trust
4 / 5
Tier-1 ASIC + tier-2 CySEC, segregated funds at AA-rated banks, 19 years operating, active class action is a blemish
Fees
5 / 5
Raw Spread EUR/USD average 0.1 pips + $7.00/lot commission, no inactivity fee for non-EU entities
Platforms
5 / 5
MT4 + MT5 + cTrader + TradingView integration, all on desktop, web, and mobile
Investments
5 / 5
2,300+ instruments across forex, indices, commodities, stocks, bonds, futures, crypto
Mobile
3 / 5
Standard MT4/MT5/cTrader mobile apps, Play Store 4.3/5 from 10,300 reviews, no standout proprietary app
Research
3 / 5
Weekly webinars, fortnightly podcast, calculators, no daily written analysis or premium feeds identified
Education
2 / 5
Weekly webinars and podcast but no structured courses, video library, or learning paths
Support
3 / 5
7-day support, live chat and email, limited data on response times and languages
★ Cost Score
Level 03 / 09◆ Fees
Fees & Spreads
IC Markets runs a two-tier pricing model. The Raw Spread account delivers interbank pricing from 0.0 pips plus a fixed commission. The Standard account bakes cost into a wider spread with no separate commission.
How much does IC Markets charge per trade?
On the Raw Spread account (MT4/MT5): USD 3.50 per standard lot per side ($7.00 round turn). With EUR/USD averaging 0.1 pips, all-in cost per lot is roughly $8.00 round turn. EUR accounts pay EUR 3.25/side; GBP accounts pay GBP 2.75/side.
On the cTrader Raw Spread account: USD 3.00 per USD 100,000 traded per side, approximately USD 7.83 round turn on 1-lot EUR/USD.
The Standard account charges zero commission with spreads from 0.8 pips. The icmarkets.com.au website displays a Standard spread figure of 0.08 pips, which appears to be a website error; the correct minimum is 0.8 pips as listed on the EU entity's pricing page.
Spread comparison
Pair
Raw Spread (MT4/MT5)
Raw Spread (cTrader)
Standard
Data Type
EUR/USD
From 0.0 pips (avg 0.1 pips)
From 0.0 pips (avg 0.1 pips)
From 0.8 pips
Advertised average 24/5
AUD/USD
0.0 pips
0.0 pips
N/A
Live snapshot
GBP/USD
0.7 pips
0.7 pips
N/A
Live snapshot
XAU/USD
0.7 pips
0.7 pips
N/A
Live snapshot
(Per broker website, read July 2026. Actual spreads vary by session.)
What about swap fees and other charges?
Positions held past daily rollover incur swap charges. Forex, metals, bonds, and commodities carry triple swap on Wednesday nights. Energies, indices, and cryptocurrencies carry triple swap on Friday nights. Share CFDs start from 0.1% per trade (minimum USD 1.50 for EU shares).
IC Markets (EU) Ltd charges an inactivity fee of 10 EUR/USD/GBP per month after 6 consecutive months without trading. The fee never exceeds your available balance; the broker notifies you at the 5-month mark.
No fee applies with open positions or a pending complaint. Global entities outside the EU are generally not subject to inactivity fees. IC Markets charges 0% commission on all deposits and withdrawals, though third-party bank fees may apply.
Level 04 / 09▶ Platforms
Platforms
Four platforms, all available on desktop, web, and mobile.
Captured July 2026, ic.com
Which platforms does IC Markets support?
MetaTrader 4 is enhanced with 20 exclusive advanced trading tools for live accounts, including Trade Terminal, Alarm Manager, Correlation Matrix, Sentiment Trader, and Stealth Orders.
MetaTrader 5 provides expanded instrument coverage and netting capabilities with the same execution infrastructure.
cTrader offers Depth of Market, ladder trading, and advanced order types, and handles TradingView integration natively.
TradingView integration delivers 15+ chart types, 110+ drawing tools, 400+ pre-built indicators, and one-click trading across browser, mobile, and desktop.
Is IC Markets good for algo trading?
Yes. Around 60% of trades come from automated systems. The Equinix NY4 engine processes over 40,000 trades per day with sub-40ms execution and less than 1ms latency to major VPS providers. EAs run on MT4/MT5; cTrader supports cBots.
Note: IC Markets (EU) Ltd currently offers trading exclusively through the cTrader Raw Spread Account.
Level 05 / 09▸ Instruments
Tradable Instruments
IC Markets advertises 1,800+ instruments on marketing pages, though the account opening flow references 2,300+. Asset classes include forex, indices, commodities, stocks (Share CFDs from 0.1% commission), bonds, futures, and cryptocurrencies. Availability may vary by entity.
Level 06 / 09▶ Accounts
Account Types
Three core live account types under the Australian entity, plus Islamic and demo options.
Captured July 2026, ic.com
What are the IC Markets account types?
Feature
Raw Spread (MT4/MT5)
Raw Spread (cTrader)
Standard (MT4/MT5)
Minimum Deposit
USD $200
USD $200
USD $200
Spreads From
0.0 pips
0.0 pips
0.8 pips
Commission
$3.50/lot/side ($7.00 RT)
$3.00/USD 100k/side (~$7.83 RT)
$0.00
Max Leverage (AU)
1:30 (AU)
1:30 (AU)
1:30 (AU)
Platforms
MT4, MT5
cTrader, TradingView
MT4, MT5
Min Lot Size
0.01
0.01
0.01
"Raw Pro" and "Raw Pro+" accounts exist under IC Markets Global (Seychelles FSA / Raw Trading Ltd). Raw Pro: $1.50 commission/lot/side, $5,000 minimum deposit. Raw Pro+: $1.00 commission/lot/side. Both offer spreads from 0.0 pips. These are not available under the ASIC entity.
One inconsistency: the broker's regulation page states maximum leverage of 1:20 (AU), while the account overview shows 1:30 (AU). ASIC's product intervention order applies tiered caps (1:30 major FX, 1:20 minor pairs and gold, lower for other classes), which may explain the difference. Confirm directly with IC Markets before opening an account.
Is there an Islamic account?
Yes. Under ASIC, an Islamic (Swap-Free) account replaces swap charges with flat-rate overnight holding fees. Most instruments receive a 5-day grace period. Exceptions: XNGUSD, XTIUSD, XBRUSD have no grace period; USDJPY and GBPJPY have a 2-day grace period. A free demo account is available across all entities and platforms.
How does leverage differ by entity?
ASIC: 1:30 (AU). CySEC: 1:30 (EU). Seychelles: 1:5000 (International) on a dynamic basis. At 1:30, a $1,000 account controls $30,000. At 1:5000, that same $1,000 controls $5,000,000.
Level 07 / 09▸ Deposit
Deposits & Withdrawals
IC Markets charges 0% commission on deposits and withdrawals. Third-party bank fees may apply.
What funding methods are available?
The Australian entity offers over 15 methods supporting 10 base currencies (AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF): Visa, Mastercard, PayPal, Neteller, Skrill, Wire Transfer, BPay (Australia only), Broker-to-Broker, Thailand/Vietnam Internet Banking, Rapidpay, and Klarna.
Method
Deposit Time
Withdrawal Time
Credit/Debit Card
Instant
3-5 business days
PayPal, Neteller, Skrill
Instant
Instant upon acceptance
BPay (AU only)
12-48 hours
N/A
Wire Transfer
2-5 business days
Up to 14 days (international)
The EU entity processes withdrawals within 24 hours, with funds arriving in 2-5 business days. The Australian entity imposes a 12:00 AEST/AEDT cut-off for same-day processing.
Do traders report withdrawal problems?
Mixed. Long-term Reddit users report smooth processing, with one user citing approximately $700,000 withdrawn without issues.
Weekly webinars and a fortnightly podcast are the core resources. An All-in-One Calculator computes margin, commission, pip value, and swap rates. Advanced tools include Depth of Market, spread monitoring, ladder trading, and a trade risk calculator.
TradingView brings 400+ pre-built indicators plus community-built custom indicators.
Does IC Markets have a trading academy?
No structured course library, video courses, or learning paths. Beginners should look elsewhere.
Level 09 / 09★ Support
Customer Support
IC Markets advertises 7-day dedicated support. The Google Play listing mentions live chat. The Australia-specific Trustpilot profile includes complaints about phone accessibility.
Languages, specific hours, phone numbers, and average response times could not be confirmed. Test the live chat before committing funds.
▸ Our Verdict
Our Verdict on IC Markets
EF SCORE
8.7 /10
IC Markets earns its reputation as a serious broker for serious traders. ASIC tier-1 regulation, raw spreads averaging 0.1 pips on EUR/USD, sub-40ms execution, and four platforms put it near the top for cost-conscious active traders in Australia.
A $7.00 round-turn commission per lot on MetaTrader Raw Spread, paired with near-zero spreads, favours scalpers and high-frequency strategies where fractional pip savings compound over hundreds of daily trades.
Where IC Markets falls short is everything surrounding the trade. Education is minimal. Research is limited. Customer support data is sparse.
Five of six claimed licences are register-verified. The Cayman Islands licence could not be confirmed. An active Australian class action and historical CySEC fines are worth noting, though neither has resulted in licence revocation.
Best for: Active traders, scalpers, and algo traders who prioritise raw spreads, fast execution, and platform choice.
Skip if: You need structured learning or responsive phone support.
Steffen Droll is the chief editor of Engine Forex. He set the scoring methodology every broker on the site is measured against, and he signs off on each review before it publishes, including checking every licence number against the regulator's own public register.
Published Jul 28, 2026
Fact-checked by Engine Forex Editorial · In-house research desk
Fresh from IC Markets
▸ Latest verified updates
Industry press
IC Markets executive Anna Pastusenco joins XS.com as Head of PSPs
Anna Pastusenco has departed IC Markets to take on the role of Head of PSPs at XS.com, where she will oversee global payment partnerships including relationships with banks, EMIs, and payment service providers. Staff movements at the payment partnerships level can sometimes have downstream effects on deposit and withdrawal options for clients. IC Markets clients should monitor whether any changes to supported payment methods follow from this personnel change.
IC Markets partners with BLAST in multi-year eSports sponsorship deal
IC Markets has been named the Official Online Trading Partner of BLAST Premier and BLAST Slam, marking an expansion into eSports sponsorship. The multi-year partnership with competitive entertainment company BLAST signals a significant shift in IC Markets's marketing and brand strategy. Clients should be aware this is a corporate development that may reflect broader business direction for the group.
IC Markets named Official Online Trading Partner of BLAST esports
IC Markets has signed a multi-year deal with BLAST to become its Official Online Trading Partner, covering Premier and Slam events across CS2 and Dota 2 competitions. The partnership marks a formal expansion of IC Markets into esports sponsorship. Clients should be aware this is a brand and marketing development rather than a product or fee change.
Yes. IC Markets operates in Australia through International Capital Markets Pty Ltd under ASIC licence AFSL 335692. This is a tier-1 regulatory licence enforcing strict capital requirements, leverage caps, and client fund segregation.
The minimum deposit is USD $200 for all live account types under the Australian (ASIC) entity, including Raw Spread and Standard accounts.
Australian retail clients are capped at 1:30 (AU) leverage under ASIC's product intervention order. Negative balance protection applies. Clients under the Seychelles entity may access leverage up to 1:5000 (International), but with materially weaker regulatory protections.
IC Markets (EU) Ltd charges 10 EUR/USD/GBP per month after 6 consecutive months of no trading. The fee never exceeds your available balance, and the broker notifies you at the 5-month mark. No fee applies with open positions or a pending complaint. Global entities outside the EU are generally not subject to inactivity fees.
For most traders familiar with MetaTrader, MT4 with IC Markets' 20 advanced trading tools is a solid choice. Traders who prioritise charting, Depth of Market, and algorithmic trading may prefer cTrader, which also integrates with TradingView.
